(AQA) GCSE Economics – Knowness

Welcome to the GCSE Economics study guide for the AQA exam board! This study guide is structured to cover all of the topics in the AQA specification, providing you with all of the essential information you need for your GCSE examinations.

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GCSE Economics 2 Topics FREE

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Introduction to GCSE Economics

Assessment Structure

1: How Markets Work

1.1 Economic Foundations 3 Topics FREE

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1.1.1 Economic Activity

1.1.2 The Factors of Production

1.1.3 Making Choices

1.2 Resource Allocation 3 Topics

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1.2.1 Markets and Allocation of Resources

1.2.2 Economic Sectors

1.2.3 Specialisation, Division of Labour, and Exchange

1.3 How Prices Are Determined 6 Topics

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1.3.1 Demand for Goods and Services

1.3.2 Supply for Goods and Services

1.3.3 Equilibrium Price

1.3.4 Intermarket Relationships

1.3.5 Price Elasticity of Demand

1.3.6 Price Elasticity of Supply

1.4 Production, Costs, Revenue and Profit 3 Topics

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1.4.1 The Importance of Cost, Revenue and Profit for Producers

1.4.2 Production and Productivity

1.4.3 Economies of Scale

1.5 Competitive and Concentrated Markets 4 Topics

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1.5.1 The Importance of Market Structures on Producers and Consumers

1.5.2 Competitive Markets

1.5.3 Non-competitive Markets

1.5.4 The Labour Market

1.6 Market Failure 2 Topics

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1.6.1 Misallocation of Resources

1.6.2 Externalities

2: How The Economy Works

2.1 Introduction to the National Economy 2 Topics

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2.1.1 Interest Rates, Saving, Borrowing, Spending and Investment

2.1.2 Government Income and Expenditure

2.2 Government Objectives 6 Topics

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2.2.1 Economic Objectives of the Government

2.2.2 Economic Growth

2.2.3 Employment and Unemployment

2.2.4 Inflation and Price Stability

2.2.5 Balance of Payments

2.2.6 Distribution of Income

2.3 How the Government Manages the Economy 4 Topics

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2.3.1 Fiscal Policy

2.3.2 Monetary Policy

2.3.3 Supply-side Policies

2.3.4 Policies to Correct Positive and Negative Externalities

2.4 International Trade and the Global Economy 4 Topics

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2.4.1 Why Countries Trade and the Importance of International Trade to the UK

2.4.2 Exchange Rates

2.4.3 Free-trade Agreements Including the European Union

2.4.4 Globalisation: Benefits and Drawbacks

2.5 The Role of Money and Financial Markets 2 Topics

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2.5.1 The Role of Money

2.5.2 The Role and Importance of the Financial Sector for the Economy

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